UAE committed to OPEC+ pact

The UAE on Thursday affirmed its commitment to the OPEC+ agreement…reports Asian Lite News

”The UAE remains committed to the OPEC+ agreement and its existing monthly production adjustment mechanism,” affirmed Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a statement to Emirates News Agency (WAM).

”The UAE believes in the value the OPEC+ agreement brings to the world oil market as there is no other agreement to raise output individually than this agreement in light of the UAE’s continuous support for and compliance with the said agreement,” he said.

The Vienna-based OPEC has earlier treasured the tremendous efforts being made by the UAE over the past period to maintain consensus among the members of the organisation towards all issues regarding the global oil market and the support it provides to maintain its balance and stability in a manner that takes into account the interests of producers and consumers alike.

Meanwhile, oil prices rose on Thursday amid confusion over whether major producers would help to plug a gap in supplies from Russia, BBC reported.

The oil price rose more than 5 pert cent, after a 17 per cent fall on Wednesday.

“To suggest the oil market is confused would be an understatement,” said analyst Stephen Innes.

US President Joe Biden and other leaders have pledged to try to ease the price pressures for households. Officials from the US have been in talks with oil producers aimed at boosting supply.

ALSO READ: UAE, Saudi decline to take calls from White House on oil prices

“We favour production increases and will be encouraging Opec to consider higher production levels,” Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington, BBC reported.

But Energy Minister Suhail al-Mazrouei said later that the Gulf state remained committed to the existing Opec monthly output agreement, which fixes how much crude is produced by member countries.

Oil prices have jumped more than 30 per cent since February 24, when Russia launched military attack against Ukraine, touching $139 a barrel at one point this week.

The oil price had fallen back to about $106 a barrel at one point on Wednesday, but by Thursday morning it was trading at around $116 per barrel.